As of June 30, 2019, SS&C Technologies Holdings Inc., a global provider of financial services software and services, reported leverage of 5x, and we expect further deleveraging to around 4.7x by the end of fiscal 2019. We are affirming our 'BB' issuer credit rating on the company and revising the outlook to stable from negative. The stable outlook reflects our view that SS&C has successfully integrated its 2018 acquisitions, having achieved planned synergies with no evidence of disruption to its business. In addition, SS&C has utilized its strong free operating cash flow (FOCF) to repay debt, and we expect 2019 leverage to improve to the mid-4x area. The outlook revision reflects our view of SS&C's successful integration of its 2018
